The pet care business is bigger than ever
Let’s be honest, the pet industry was growing and booming even before the pandemic hit us. The pandemic has undoubtedly accelerated the growth of the pet care market, but experts suggest it had to happen sooner, if not later.
The COVID-19 pandemic has been a major contributor to the growth of the pet industry, but it is not the only factor responsible for the expansion and rising popularity of this industry.
In 2020, the global pet care market size was estimated at $207.90 billion. According to an analysis by Fortune Business Insights, the pet care market is expected to grow from $222.93 billion in 2021 to $325.74 billion in 2028 at a CAGR of 5.6%.
These promising numbers have attracted a lot of investment in the pet industry. Pet care startups with a D2C (direct-to-consumer) model are welcomed by new generations as they provide pets with personalized services and care that suits their fast-paced and busy lifestyles.
Let’s take a look at what are the driving factors behind the growth of the pet trade.
COVID-19 and its effects
The pandemic has kept people indoors, induced a situation of isolation, and affected the mental health of people around the world. It is scientifically proven that having a pet improves the mental well-being of humans; it’s only natural that people have turned to adopting and bringing home more furry companions into their homes.
In India alone, the number of pet dogs was 19.3 million in 2018 and is expected to reach 31 million by the end of 2023 according to a report by Statista. This further boosts the sales and services of pet care businesses.
This has increased revenues for veterinarians and other pet health products like pet sanitizers, especially in 2020. When pet parents contracted the COVID-19 virus, pensions and pet kennels saw a sudden influx of residents and inquiries as pet parents were unable to care for their pets.
During these times, D2C pet care businesses stepped up to house as many pets as they could, provide in-home services, and deliver ready-to-eat food to the convenience of parents’ homes. the animal. Services such as online veterinary consultations, behavioral and training consultations have also sprung up to meet the need of the hour.
This has undoubtedly created good revenue for pet care businesses and also helped build good relationships with pet parents and spawned groundbreaking products and services.
Growing awareness and awareness
New generations treat their pets like their babies and family members. According to a report by YPulse, 76% of millennials are pet parents. Pet owners want to give the most important member of the family the best. This has given pet care businesses the opportunity to grow rapidly over the past few years.
Other than that, pet owners are increasingly aware of providing high quality, nutritious foods that meet the dietary needs of their pets. D2C services like specialized diets have gained popularity as majority of pets in India are facing obesity, arthritis and other health issues. Growing demand for premium foods is further expected to boost the pet care trade.
Grooming and training are also growing in popularity among pet owners, as pet parents are now more aware of the benefits of these services.
Luxury services like spas, pet hotels, birthday parties and pet photo shoots have grown in popularity as pet owners now want to spoil their pets the way they want. spoil their children.
With the festivities underway, noise pollution is likely to have serious and detrimental effects on animals’ hearing, senses and mental health. One of these problems is anxiety caused by loud sounds.
During these times, D2C companies offer specialized training courses for pets and their parents to address issues related to anxiety and behavioral issues that arise even due to environmental changes.
All of these services have given pet care businesses immense opportunities to grow and serve animals in every way possible.
Advanced Pet Care Products Support Market Growth
Technologically enabled pet care products have also seen increasing popularity. Global Market Insights suggests that the pet technology market size was over USD 5.5 billion in 2020 and is expected to grow at a CAGR of 22% from 20221 to 2027.
As the demand for practical, new-era solutions increases, the products to meet those demands also increase. Businesses are now turning to better, faster and easier solutions for pet care. Products such as automatic food and water dispensers, smart laser cat toys, tracking devices are driving the growth of the market.
User-friendly mobile apps also provide a seamless experience for pet parents, making pet care easier in their busy lifestyles.
Higher disposable income, growing popularity of having pets as companions, growing awareness of caring for street animals and empathy towards animals are other reasons why it There is an increase in the pet population in India, which makes the pet trade more popular.
Do D2C companies have the upper hand?
Pets are also now treated as members of the family. Providing the best in health care, food, grooming, training, treats, toys, accessories, or any other product/service that falls under the pet care category has immense room for growth. .
The new generation of pet owners are looking for services that treat their pets with care and attention. This gives D2C companies an advantage as they are in direct contact with their customers and can provide personalized services to their pets.
Add to that, a one stop shop for pets and consumers are most likely to choose these services because they get everything under one roof.
With the growing number of pets, the pet care market will only grow further. Demands will increase and pet care businesses will have even more opportunities to fly higher, invest more and ultimately help Indian pet care businesses grow at the international.
(Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the views of YourStory.)